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Committee tables bill to move Virginia to market-based sourcing for corporate sales
Summary
The House Finance Committee tabled HB1866, a bill to shift Virginia from a cost-of-performance method to market-based sourcing for intangible and service income; proponents said it would improve competitiveness, opponents raised revenue and federal-contract complexity concerns.
The House Finance Committee on a recorded vote tabled HB1866 on market-based sourcing, a change to how Virginia attributes corporate income from intangibles and services that would align the commonwealth with most other states.
Supporters said market-based sourcing would make Virginia more competitive for tech and information firms that sell services across state lines, while opponents, including contractors for the federal government, warned the change could reduce revenue and create uncertainty for companies that serve federal clients.
Delegate Patrick McNamara, the bill’s patron, told the committee HB1866 would replace Virginia’s…
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